Ferrari (RACE) shares fell 2.5% during pre-market trading on Monday after it disappointed with full-year guidance. Meanwhile, third-quarter adjusted earnings improved 4% on broad-based regional growth as well as a jump in shipments.
Sales grew highest in the Rest of APAC region during the third-quarter, registering a year-over-year 27% growth. This was followed by EMEA with 11%; China, Hong Kong, and Taiwan with 7% and the Americas with 5%.
Total shipments increased 11% to 2,262 units driven by an 11.4% increase in sales of its 8-cylinder models (V8).
Third-quarter earnings, on an adjusted basis, was €0.77 per share, in line with analysts’ estimates. Earnings were helped by a cut-down in the tax rate as a result of the advance agreement on Patent Box inked in September this year with the Italian Revenue Agency.
Revenues edged up 0.3% to a slightly better-than-expected €838 million.
For the full year, the company expects net revenues of €3.4 billion as shipments are expected to grow to 9,000 units including hypercars. However, this came in below what analysts had expected, spurring a sell-off on Monday.
Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.
Most Popular
QCOM Earnings: Qualcomm Q2 2024 revenue and profit beat Street view
Semiconductor company Qualcomm, Inc. (NASDAQ: QCOM) reported an increase in earnings and revenues for the second quarter of 2024. The numbers came in above analysts' estimates. At $9.39 billion, March-quarter
Key takeaways from Amazon’s Q1 2024 earnings report
Amazon.com Inc. (NASDAQ: AMZN) had an upbeat start to fiscal 2024, delivering strong growth across the business in the first three months of the year. While the cloud segment continues
Key takeaways from Pfizer’s (PFE) Q1 2024 earnings report
Shares of Pfizer Inc. (NYSE: PFE) gained over 5% on Wednesday following the company’s announcement of its first quarter 2024 earnings results. Although the top and bottom line numbers decreased
